Hong Kong’s South China Morning Post reported today that Inter president Steven Zhang has lost a court case against creditors and is now liable for €250m.
CalcioeFinanza details how the Nerazzurri president was sued by creditors last August in an attempt to recover the amount lent and a defaulted bond that had been guaranteed. Allegedly, he subsequently denied this, claiming falsehood and ignorance.
Zhang had guaranteed the refinancing of €250m in 2020, in a transaction concluded with China Construction Bank (Asia) Corporation Limited in favour of Great Matrix Ltd, a company wholly owned by Zhang himself.
During the proceedings, however, Zhang denied this transaction, claiming that the signatures on the refinancing guarantee documents were forged and that he had no knowledge of the refinancing.
High Court judge Hon. Anthony Chan rejected this claim and responded:
“There is no doubt that [Zhang] participated in the original financing of the project, for which he had given his personal guarantees. Viewed in this light, Zhang’s attempt to distance himself from the refinancing has little merit.”
The creditors can therefore claim the €250m owed by Zhang, plus interest and costs.
Zhang is still facing further issues as well; China Construction Bank has filed a civil suit in Milan, asking the local court to invalidate a February 2019 salary waiver for Zhang in his role as Inter president, which would help the creditors in their attempt to recover their assets.